3 things that can be done to enhance Singapore's management of public funds

It could strengthen management of development projects.

The Ministry of Finance revealed three key areas that need to do better to enhance Singapore's management of public funds.

According to the FY2016/17 Auditor-General's (AG) Report, the areas are Information Technology (IT) controls, financial controls, and oversight of development projects.

MOF said in a statement that the Public Service is taking a concerted effort to address the issues identified.

'Heads of the agencies responsible have reviewed each case and where warranted, appropriate actions have been or will be taken against those responsible," MOF noted.

Here's more from MOF:

Enhancing Financial Controls in Grants Administration

Since 2016, the Accountant-General’s Department, in consultation with government agencies, has been developing a guide that will help government agencies put in place appropriate control procedures to ensure better accountability and efficiency in their grant administration. When completed, MOF will be issuing it to government agencies by the 4th quarter of 2017.

Strengthening Management of Development Projects and Contract Variations

We have recently set up the Building & Infrastructure Centre of Excellence under JTC Corporation which will advise government agencies and strengthen their capabilities in managing infrastructure projects. We have also enhanced the project management training programme for public officers. MOF has worked with agencies to develop further guidelines on managing contract variations for development projects. These were issued in June 2017.

Strengthening Audits and Policies to Improve IT Governance

The public sector has IT policies to ensure proper controls are put in place in order to safeguard the integrity of its IT systems and the data within. These policies have been continually strengthened over the years to improve the IT security posture of the public sector. Internal audits are also conducted from time to time against these policies to help agencies identify shortcomings for remediation. Beyond the remedial steps taken by the agencies concerned in response to the Auditor-General’s Office (AGO) findings, the newly-formed Smart Nation and Digital Government Group (SNDGG) will strengthen the internal IT audit regime so that agencies can better identify and rectify any gaps in compliance with the prevailing IT policies. In addition, SNDGG will continue to refine the policies and proliferate best practices to raise the governance and performance of public sector IT systems.